Junior Savings accounts are available to individuals under the age of 18, who reside in the Wisconsin counties of Marinette and Oconto, and the County of Menominee in Michigan.
Accounts may be opened with a deposit of $10 or more.
There is no minimum balance requirement.
There are no service charges of any kind.
Pre-authorized or automatic transfer withdrawals are not allowed on Junior Savings accounts.
This is a variable rate account, which means that the interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. To view the current rate, click here.
Interest begins to accrue on the business day you deposit cash or non-cash items (such as checks). Interest does not accrue on amounts withdrawn on the date of withdrawal.
Interest is compounded and paid quarterly.
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
If a passbook is lost, stolen, or destroyed, the bank must be notified immediately by phone or in writing. If the notification is made by telephone, written confirmation must be received within ten (10) business days. The bank will inform you of the procedures to follow in the event the passbook is lost, stolen, or destroyed.
When the minor(s) for whom the account has been opened attains the age of eighteen (18), the account will be reclassified as either a Passbook or Statement Savings. The account will then be subject to all the rules and charges in effect at that time for a Passbook or Statement Savings account.
A complete disclosure, as required under Federal Truth-in-Savings, of the terms and conditions on the Junior Savings account is available upon request.
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Copyright © 1996-2004 Farmers & Merchants Bank & Trust
Last Updated:
Thursday, May 10, 2007
